Description
Mazagon Dock Shipbuilders clarifies that news reports about Rs 70,000-cr submarine talks with Germany's Thyssenkrupp are factually incorrect.
Summary
Mazagon Dock Shipbuilders Limited (MDL) has issued a clarification stating that news reports about ongoing submarine project negotiations worth Rs 70,000 crores with Germany’s Thyssenkrupp are factually incorrect. The company confirmed that while their bid for Project P75W was qualified and commercial bid opened in January 2025, no negotiations have commenced thereafter.
Key Points
- MDL’s bid for Project P75W was qualified by MoD on January 14, 2025
- Commercial bid was opened on January 16, 2025 by the empowered Committee
- No negotiations have commenced with Indian Navy/MoD for the Project since then
- Company denies having any undisclosed information that could explain stock movement
- News article claiming ongoing Rs 70,000-cr submarine talks is factually incorrect
- No regulatory or legal proceedings are applicable
Regulatory Changes
No regulatory changes mentioned in this circular.
Compliance Requirements
This clarification is provided under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding disclosure of material information and clarification on news items.
Important Dates
- January 14, 2025: MDL informed by MoD that bid for Project P75W was qualified
- January 16, 2025: Commercial bid opened by empowered Committee
- August 25, 2025: Clarification issued on news article
Impact Assessment
The clarification addresses market speculation and potential stock price volatility caused by incorrect news reports. This disclosure ensures transparency and prevents misinformation from affecting investor decisions regarding MDL’s defense project pipeline and future prospects.
Impact Justification
Company clarification on material news affecting stock price movement, important for investor transparency